According to macro analyst Jordi Visser, the Bitcoin market is undergoing a significant redistribution of ownership, behaving much like a company’s stock after an Initial Public Offering (IPO). In a recent analysis, Visser explained that long-term holders are gradually selling their positions while new investors are using price dips as buying opportunities. This process is effectively transferring Bitcoin from early backers to a wider, more diverse group of participants.

Sideways Price Action Masks Underlying Accumulation

For many traders, recent market behavior has been frustratingly flat, with Bitcoin trading within a narrow range. This stagnation has contributed to “fear” readings on the Crypto Fear & Greed Index. However, Visser notes that every significant pullback has been met with consistent buying pressure, suggesting a quiet phase of accumulation is taking place beneath the surface of poor market sentiment.

Network Fundamentals Signal Strength

Despite the sideways price movement, key on-chain and industry indicators remain strong. Visser points to the continued approval of Exchange-Traded Funds (ETFs), a Bitcoin network hashrate hitting new all-time highs, and growing stablecoin activity as evidence that the market is not heading for a collapse. Instead, analysts argue these signals support the theory of a healthy redistribution, where supply moves from dormant wallets to new, active investors.

A Look Ahead: Lower Volatility on the Horizon

Visser suggests this IPO-like cycle could last for an extended period. While such phases typically last six to 18 months in traditional equity markets, Bitcoin’s faster pace could see this process play out over several months. Once this distribution is complete, a likely outcome is a reduction in market volatility, as ownership will be more broadly scattered rather than concentrated in the hands of a few early adopters.

This transition isn’t expected to be marked by a single, dramatic breakout or breakdown. Instead, the market may simply shift from its current grind into a more defined trend once the ownership transfer settles. This measured outlook provides a structural interpretation of the market’s current state, focusing on long-term health rather than forecasting short-term price rallies.

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